How To Stop The U.S. Flood Insurance Program From Drowning in Debt
Expect this problem to worsen over time, as the frequency and magnitude of flooding events continues to increase.
Here’s an excerpt of an Op-Ed at TheHill: “This month, the Federal Emergency Management Agency (FEMA) announced that its National Flood Insurance Program (NFIP) had to borrow another $1.6 billion from the Treasury to break even on its 2016 losses. Add that to the existing debt, largely due to hurricanes Katrina and Rita and Superstorm Sandy, and the NFIP currently is almost $25 billion in debt.
The NFIP is up for reauthorization later this year, and Rep. Jeb Hensarling (R-Texas), who chairs the House Financial Services Committee, has already said that reforming the program will be a “major focus” for his committee this year…”
Headline Image: U.S. Coast Guard Aircrews